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Chapter 19. Economic Change and the Crisis of the 1890s. Web. Economic Growth, 1878-1893. All sectors expanding, especially manufacturing Railroad was single most important agent of economic growth Economic power brought political influence- and corruption

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chapter 19

Chapter 19

Economic Change and the Crisis of the 1890s

Web

economic growth 1878 1893
Economic Growth, 1878-1893
  • All sectors expanding, especially manufacturing
  • Railroad was single most important agent of economic growth
    • Economic power brought political influence- and corruption
  • Patrons of Husbandry (Grange), 1867
    • To combat collective power of the railroads
  • Munn v. Illinois (1877)
  • Technology contributed mightily to economic growth
slide3

©2004 Wadsworth, a division of Thomson Learning, Inc. Thomson Learning™ is a trademark used herein under license.

Value Added by Economic Sector, 1869-1899

(in 1879 prices)

costs of economic growth
Costs of Economic Growth
  • Widening gap between rich and poor
  • Perception of inequality even greater than reality
    • “Conspicuous consumption”
    • “Robber Barons”
  • Emergence of antitrust movement in 1880s
    • Sherman Antitrust Act, 1890
      • U.S. v. E.C. Knight Company (1895)
        • Manufacturing not connected to commerce
labor strike
Labor Strike
  • Unsafe working conditions; loss of worker autonomy
  • National Labor Union, 1866
    • Withered away in depression of the 1870s
  • Molly Maguires in Pennsylvania coal mines
  • Great railroad strike of 1877
  • Knights of Labor ,1869
    • National federation of unions
  • Haymarket Square, 1886
    • Hurt Knights of Labor
labor strike cont
Labor Strike (cont.)
  • American Federation of Labor, 1886
    • Loosely affiliated association of trade or craft unions
  • Critics of the wage-labor system
    • Henry George, Progress and Poverty (1879)
    • Edward Bellamy, Looking Backward (1887)
  • Homestead strike, 1892
  • Depression of 1893-1897
    • Began with railroad collapse, spread throughout economy
    • Coxey’s Army, 1894
  • Pullman Strike 1894
farmer s movements
Farmer’s Movements
  • Increased production drove down agricultural prices
  • Prolonged period of price deflation
  • Farmers blamed banks, commission merchants, railroads,the monetary system
  • Greenback Party
  • “Free Silver” movement
    • Bland-Allison Act 1878
    • Sherman Silver Purchase Act, 1890
      • Repealed in 1893
  • National Farmers’ Alliance and Industrial Union, 1890
    • Began as series of local/regional alliances
    • Developed comprehensive political agenda
the people s populist party
The People’s (Populist) Party
  • Nationwide farmers’ organization formed in 1892
    • Ran James B. Weaver as president
    • Results disappointing’
    • Economic crisis after 1893 boosted chances
  • Election of 1896
    • Silver issue divided Democratic Party
      • Nominated William Jennings Bryan
        • Silver and other reform issues
    • Populists fused with Democrats and also nominated Bryan
    • Republicans nominated William McKinley
      • Gold standard and conservative economic platform
    • Campaign most impassioned and exciting in a generation
    • McKinley elected handily
      • Proved to be advance agent of prosperity
slide9

©2004 Wadsworth, a division of Thomson Learning, Inc. Thomson Learning™ is a trademark used herein under license.

Presidential Election of 1896

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